Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets of the Company (Parent company only) for the periods presented are as follows:

(Dollars in thousands)	December 31,
ASSETS	2021			2020
Cash and cash equivalents	$	8,707		$	5,234
Investment in subsidiary		289,446			149,014
Other assets		1,856			1,498
Total assets	$	300,009		$	155,746
LIABILITIES AND SHAREHOLDERS' EQUITY
Other borrowings	$	1,000		$	33,875
Other liabilities		2			153
Total liabilities		1,002			34,028
Commitments and contingencies - ESOP-owned shares		—			1,302
Shareholders' equity:
Common stock		13,432			6,350
Additional paid-in capital		249,252			91,462
Retained earnings		36,029			24,605
Accumulated other comprehensive income		1,393			279
Treasury stock: at cost		(1,099	)		(978	)
		299,007			121,718
Less: ESOP-owned shares		—			1,302
Total shareholders' equity		299,007			120,416
Total liabilities & shareholders' equity	$	300,009		$	155,746

Schedule of Condensed Statements of Income and Comprehensive Income

Condensed Statements of Income and Comprehensive Income of the Company (Parent company only) for the periods are as follows:

	For the Years Ended December 31,
(Dollars in thousands)	2021			2020			2019
Interest expense:
Interest on notes payable	$	1,091		$	1,615		$	1,436
Total interest expense		1,091			1,615			1,436
Noninterest expense:
Legal and professional		680			1,233			937
Other		23			37			(1	)
Total noninterest expense		703			1,270			936
Loss before income tax expense and equity in undistributed earnings of subsidiaries		(1,794	)		(2,885	)		(2,372	)
Income tax benefit		359			384			498
Loss before equity in undistributed earnings of subsidiaries		(1,435	)		(2,501	)		(1,874	)
Equity in undistributed earnings of subsidiaries		12,859			14,616			4,255
Net income	$	11,424		$	12,115		$	2,381
Comprehensive income	$	12,538		$	12,394		$	2,404

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows of the Company (Parent company only) for the periods presented are as follows:

	For the Years Ended December 31,
(Dollars in thousands)	2021			2020			2019
Cash flows from operating activities:
Net income	$	11,424		$	12,115		$	2,381
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed net income of subsidiaries		(12,859	)		(14,616	)		(4,255	)
Net change in other assets		(359	)		501			(1,485	)
Net change in other liabilities		(150	)		(320	)		393
Net cash used in operating activities		(1,944	)		(2,320	)		(2,966	)
Cash flows from investing activities:
Capital investment in subsidiaries		(125,800	)		—			(2,500	)
Net cash used in investing activities		(125,800	)		—			(2,500	)
Cash flows from financing activities:
Proceeds from other borrowings		—			11,000			8,000
Repayment of notes payable		(32,875	)		(7,500	)		(1,500	)
Proceeds from issuance of common stock		163,199			536			444
Proceeds from stock warrants exercised		19			—			—
Proceeds from stock options exercised		995			385			301
Net redemption of treasury stock		(121	)		(38	)		(527	)
Net cash provided by financing activities		131,217			4,383			6,718
Increase in cash and cash equivalents		3,473			2,063			1,252
Cash and cash equivalents at beginning of period		5,234			3,171			1,919
Cash and cash equivalents at end of period	$	8,707		$	5,234		$	3,171